Zurich based investment bank UBS AG lifts its 2012 average estimate for gold prices by $20 an ounce to $1,700 and its 2013 estimate to $1,900 from $1,725. “The open-ended nature of QE … promises longevity for a higher gold trade and the quantitative easing and strength in gold also supports silver,” the Swiss bank noted.
"We also materially increase our silver price 2012/13 price forecasts (including the long-term price). Copper price estimates are raised 2 per cent/6 per cent in 2012/13. Iron ore is trimmed 5 per cent/2 per cent in 2012/13, and met-coal 5 per cent in 2012. We believe thermal coal has now largely rebalanced after widespread production cuts," they added...............................................Full Article: Source